KYIV, June 11 – The Board of the National Bank of Ukraine (NBU) has decided to cut the key policy rate from 8% to 6% effective June 12, the NBU said Thursday.

"Consumer and investment demand is most likely to remain subdued for longer than forecast in April. On the one hand, this will keep inflation below the target level [the target range of 5% ± 1 pp ] for longer than projected in the April forecast. On the other hand, this means that the Ukrainian economy will face a deeper contraction than expected," the NBU said.